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[1] In addition to the obligations imposed by Rule 7.8-1, the lawyer has the contractual obligation to report to the lawyer's insurer. Rule 7.8-2 also imposes an ethical duty to report to the insurer(s). Rule 7.8-1 does not relieve a lawyer from the duty to report to the insurer or other indemnitor even if the lawyer attempts to rectify.
requirements of the statutory duty to report. • A list of frequently asked questions about the statutory duty to report in section 58 of the PGA. This document is a companion document to the Registrant Reporting and Statutory Duty to Report video recording presented by the OSPG in February 2023. The intention is for registrants to view the video
- Duty to Manage. The duty to manage is stated as follows in the Canada Business Corporations Act (CBCA): Subject to any unanimous shareholder agreement, the directors shall manage, or supervise the management of, the business and affairs of a corporation.
- Fiduciary Duty. As the directors exercise the managerial responsibilities just described, and even outside of their activity as a board, they must observe a fiduciary duty (or duty of loyalty) to the corporation.
- Duty of Care. In Canadian law, the duty of care is distinct from the fiduciary duty, as opposed to the U.S. where, under the corporate law of Delaware and other jurisdictions, the duty of care is considered to be part of the fiduciary duty.
- Business Judgment. In considering whether directors have complied with their duty of care, the courts may afford them the benefit of the “business judgment rule”.
are either owners or think like owners,” Peter says. “Directors should take their compensation, if possible, in equity and hopefully develop a meaningful investment over time, which encourages them to think like owners and should produce better decisions and better results.” Brian sums up by asserting that good governance
A fiduciary duty traditionally has resulted from a relationship of dependency and vulnerability of the person to whom the duty is owed such that the fiduciary must act only in the interests of the beneficiary and not in his or her own self interest. La Forest J. discussed these concepts in Hodgkinson v. Simms, [1994] 3 S.C.R. 377 (S.C.C.), at ...
Jun 12, 2023 · 3. Duty of obedience Duty of obedience: Work to ensure the organization follows all applicable laws, complies with all reporting requirements and follows the organization’s articles and bylaws. Directors should affirm that the organization is working to fulfill its mission and purposes, while complying with all laws and required reporting.
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Aug 15, 2022 · Rule 3.4-1 states that “A lawyer must not act or continue to act for a client where there is a conflict of interest, except as permitted under this Code.” 12 Commentary [6] to Rule 3.4-1 notes that a “client must be assured of the lawyer’s undivided loyalty, free from any material impairment of the lawyer and client relationship.” 13 A lawyer’s duty to avoid conflicts of interest ...
